diff --git a/falcon/version.py b/falcon/version.py
index c18c1f6..85181df 100644
--- a/falcon/version.py
+++ b/falcon/version.py
@@ -12,5 +12,5 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = '0.4.0'
+__version__ = '1.0.0'
 """Current version of Falcon."""
diff --git a/setup.cfg b/setup.cfg
index 4a2c19d..539be8d 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -1,5 +1,5 @@
 [egg_info]
-tag_build = dev
+tag_build = rc1
 
 [wheel]
 universal = 1